Senate Bill S5083

Signed By Governor
2013-2014 Legislative Session

Relates to investments in foreign states sponsoring terrorism

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Sponsored By

Archive: Last Bill Status Via A6855 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S5083 (ACTIVE) - Details

See Assembly Version of this Bill:
A6855
Law Section:
Insurance Law
Laws Affected:
Add ยง1415, Ins L

2013-S5083 (ACTIVE) - Summary

Relates to investments in foreign states sponsoring terrorism.

2013-S5083 (ACTIVE) - Sponsor Memo

2013-S5083 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5083

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 8, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to investments in foreign
  states sponsoring terrorism

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The legislature finds and declares all of the following:
  (1) The Federal Securities and Exchange Commission has determined that
investments  in  foreign states sponsoring terrorism, such as Iran, that
are subject to sanctions by the United States, may materially  harm  the
share  value of foreign companies. Shares in these foreign companies may
be held in the portfolio of insurance companies issuing policies to  New
York consumers.
  (2)  Publicly  traded companies in the United States are substantially
restricted in doing business in or with foreign states,  such  as  Iran,
that  the United States Department of State has identified as sponsoring
terrorism.
  (3) Identifying persons with investments in foreign  states,  such  as
Iran,  that  sponsor  terrorism  and ensuring that those investments are
financially sound is an important public policy priority.
  (4) It is the government of Iran, and not the people of Iran, that  is
responsible  for  Iran's support of terrorism and that commits egregious
violations of human rights under which its own citizens are required  to
live.
  S 2. The insurance law is amended by adding a new section 1415 to read
as follows:
  S  1415.  INVESTMENTS OF DOMESTIC INSURERS IN PERSONS INCLUDED ON LIST
OF PERSONS ENGAGED IN INVESTMENT ACTIVITIES IN IRAN TREATED AS NONADMIT-
TED ASSETS. 1. AS USED IN THIS SECTION, THE FOLLOWING DEFINITIONS  SHALL
APPLY:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10320-02-3

              

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